PayPal is about to go feel the same pain as nearly every other Big Tech company out there.
The payment processing giant went through quite a controversy last year when its TOS allowed them to confiscate money from users who spread misinformation, a policy it quickly reversed. Now, PayPal is going through a big financial shakeup.
From Market Watch:
PayPal Holdings Inc. plans to lay off about 7% of its staff as it continues with broader efforts to reduce costs.
Chief Executive Dan Schulman announced the layoffs, which will affect about 2,000 PayPal PYPL employees, in an email to the staff Tuesday afternoon.
This economy is bad for everyone, but tech firms seem to have been hit even harder than most.
Apple, Facebook, Twitter, Amazon, and now PayPal have all been faced with the need for new cost-cutting measures as victims of Build Back Better™.
"While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do," Schulman said in the note. "We must continue to change as our world, our customers, and our competitive landscape evolve."
Some parts of PayPal will be impacted "more than others," and staffers will find out more details about the impacts to their business units and teams over "the next days and weeks."
The company will continue to hire "strategically" this year, spokeswoman Amanda Miller told MarketWatch.
